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(Querist)
27 July 2010 Can anyone help me to know whether a private company can take loans from their shareholder's or Relatives u/s 58A and if they are exempt u/s 58A then is the same contradict with Sec. 301 (Director's Interest)
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Rasesh

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Rasesh (Expert)
27 July 2010 Private Limtied co can take loans only from members and directors.

Not from relatives

Exempt u/s. 58A

Sec 301 would attract and necessary entry has to be made in the register accordingly.

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